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St Kitts-Nevis citizenship by investment programme raises $100 million annually
Published on March 6, 2014 Email To Friend    Print Version

By Ken Richards

BASSETERRE, St Kitts (WINN) -- The St Kitts and Nevis federal government has reiterated its confidence in the country’s citizenship by investment programme. The programme, through the Sugar Industry Diversification Foundation (SIDP), continues to rake in more than $100 million annually. In essence, St Kitts and Nevis passports are exchanged for investment funds that are used in major developmental projects in the country.

Dominica’s citizenship programme is now also going the investment funds route, as is Antigua’s newly established CIP, which sold its first passports last month.

denzil_douglas3.jpg
Prime Minister Denzil Douglas
St Kitts and Nevis Prime Minister Denzil Douglas said Basseterre’s well established programme has nothing to fear from the emerging competition. According to Douglas, the federation’s CIP has become the leading programme globally.

He also suggested that others in the region are using the St Kitts and Nevis model as a blueprint.

“I welcome Antigua’s copying our own programme. The legislation that Antigua has used is almost similar to that of St Kitts,” Douglas told reporters.

The prime minister also made reference to the adjustments being made to the Dominica programme.

Douglas said the programme has, through the SIDF, been able to stabilize the economy.

His critics, including the opposition alliance Team Unity, describe the SIDF as a slush fund being used by Douglas to attract continued political support for the governing Labour Party. The prime minister has brushed aside that allegation, claiming that it has no merit.

Republished with permission of West Indies News Network
 
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Comments:

Mr L Louis:

According to my simple calculations, that makes four thousand new arrivals in St Kitts & Nevis. More importantly where is the money going to? Can these monies be accounted for? The simple dismissal of PM Douglas that the misuse of funds "had no merit" is not good enough! I believe the CIP is a very dangerous programme that will lead the Caribbean back into servitude and open to the whim of dangerous and unsavoury individuals.

Mac Donald Dixon:

One cannot dictate what a sovereign state does within limits of its borders. Any CARICOM or OECS member state who want to exchange citizenship for investments may do, but do not transfer OECS or CARICOM citizenship along with it. It is unfair to the other member states who are not participants in these schemes. I call on our political directorate to take a positive stand on this issue now...

Calvin Hodge Lake:

Where is the money going is a good question, but i think it's a great program. if the U.S., why can't st. kitts-nevis do it too? if some of the money can be used to lift many native born out of poverty, the crime rate will decrease. if the money does not go to develop a good next generation, many of the foreigners, who obtain citizenship by investment will be robbed and murdered by these same people in poverty. don't creat monsters, they come back to haunt you.

Mr L Louis:

My simple answer to you Mr Lake is size! I take the view that, apart from perhaps two, none of the Caribbean Islands have the capacity to withstand the CIP program on a medium to large scale.I truly believe the idea that an individual may purchase citizenship is repugnant.


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